GDP rank 199th (PPP 2012) Population below poverty line n/av Labour force 21830 (December 2012) GDP per capita 62,188.93 USD (2008) GDP growth rate 1.9% annual change (2008) | Inflation (CPI) 2.5%% (CPI, 2012) Gini coefficient n/av Currency Euro Gross domestic product 1.9 billion USD (2008) | |
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GDP by sector agriculture: 0.1%; industry: 39.2%; services: 60.7% (2009) Internet users 50.8% of the population (2013) | ||
The economy of San Marino is focussed around industries such as banking, wearing apparel, including fabrics, electronics, ceramics, tiles, furniture, paints, and spirits/wines. In addition, San Marino sells collectible postage stamps to philatelists. The main agricultural products are wine and cheeses.
Contents
Map of San Marino
Overview
The per capita level of output and standard of living are comparable to those of Italy, which supplies much of its food. In addition, San Marino has a state budget surplus and no national debt. Income taxes are much lower than in Italy, and there are therefore extremely strict requirements to obtain citizenship. San Marino's per capita gross national product in 2000 stood at $32,000 with more than 50% of that coming from the tourism industry which draws about 3.15 million people annually.
Coins and stamps
One of the greatest sources of income from tourism comes from the sale of historic coins and stamps. In 1894, San Marino issued the first commemorative stamps and since then that has been part of a large livelihood in the republic. All 10 of the Post Offices of San Marino sell these stamps and collectible coins, including "Legal Gold Tender Coins".
Traditional economic activities in San Marino were food crops, sheep farming, and stone quarrying. Today farming activities focus on grain, vines and orchards, as well as animal husbandry (cattle and swine).
Guns
San Marino has Europe's most relaxed gun laws.